Foreclosure auction on Stanwich

339 Stanwich Road, scheduled for this Saturday, the 25th, at noon. These things are often postponed, so beware. Court appraisal is $1.820 million, Citi is owed $2,253, 741, and the debtor paid $2.550 for it in January, 2005. The usual procedure here is for the creditor to bid up to what it's owed, and if someone wants to pay more than that, fine: it's theirs.

I wouldn't pay $2.253 + for this, and neither should you, but its always possible that Citi knows that, and will let it go for far less than it's owed, just to get it off its books.

But that's unlikely. What's more likely is that Citi will take title, put it back on the market a few months from now at a silly price and, 18 months later take the hit, and sell it for what it's worth. Which, depending on whether the property's been maintained these past three years while the foreclosure process unfolded (probably not), should be substantially below the debt.

So should you travel up to Stanwich this Saturday? It's not how I would spend my day, but if you're bored, what the hell. Contact the lawyer (in the link above) to see what sort of certified check is required. Be aware that these houses are sold "as is", so you'll be bidding on a pig in a poke.